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Bitcoin has started 2023 with a steep 15% decline towards a risk-off narrative as metrics show BTC is used less and less as an underlying asset.
Josh O'Sullivan 2 min read 
Bitcoin Supply Last Active falls to its lowest percentage level ever, suggesting the stage is primed for the return of bullish price action.
Active addresses indicate that the bear market set in months before BTC and ETH prices attained all-time highs in November 2021.
Implementing token burn has caused Ethereum's average gas fees to fall from around 100-200 Gwei in early 2021 to 15-20 Gwei in December 2022.
Bitcoin performs better in a risk-off environment while Ethereum performance is better in a risk-on market.
Bitcoin's price and market cap have plummeted aggressively over the past year and certain on-chain metrics remain concerning.
CryptoSlate's analysis of potential all-time high miner capitulation in 2023 and whether mining BTC selloff will occur.
CryptoSlate's analysis of the Antminer S9 and the Antminer S17 profitability shows trouble ahead for strained miners.
Several Bitcoin metrics like the increase in supply held by long-term holders as well as self-custody points towards a bullish future.
